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Apple sues Israeli spyware group NSO – Ars Technica

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A man walks by the building entrance of Israeli cyber company NSO Group at one of its branches in the Arava Desert on November 11, 2021, in Sapir, Israel.
Enlarge / A man walks by the building entrance of Israeli cyber company NSO Group at one of its branches in the Arava Desert on November 11, 2021, in Sapir, Israel.
Amir Levy | Getty Images

Apple is suing NSO Group Technologies, the Israeli military-grade spyware manufacturer that created surveillance software used to target the mobile phones of journalists, political dissidents, and human rights activists, to block it from using Apple products.

The iPhone maker’s lawsuit, filed on Tuesday in federal court in California, alleged that NSO, the largest known Israeli cyber warfare company, had spied on and targeted Apple users. It is seeking damages as well as an order stopping NSO from using any Apple software, device, or services.

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NSO develops and sells its spyware, known as Pegasus, which exploits vulnerabilities in iPhones and Android smartphones and allows those who deploy it to infiltrate a target’s device unnoticed.

Apple’s suit provided new details about a recently patched vulnerability, nicknamed FORCEDENTRY, that was used by NSO’s clients for about eight months to deliver code to an unspecified number of targets.

NSO said its software had saved “thousands of lives . . . around the world” and that its technology helped governments “catch paedophiles and terrorists.”

The company has never provided any evidence to back up those claims, citing confidentiality agreements with the government agencies that NSO sells to with the approval of the Israeli authorities.

It has recently appealed to the Israeli government to help lobby the White House to remove NSO from a US Department of Commerce blacklist for selling a technology that has resulted in “transnational repression,” according to two people familiar with the request.

It is not known if the Israeli government has acted on that request.

The US government announced this month that it had added NSO Group and rival Tel Aviv-based Candiru to the trade blacklist, which would restrict exports of US hardware and software to the companies, as it cracks down on the global hacking-for-hire industry.

Apple’s lawsuit comes as Moody’s cut NSO’s debt two notches to eight levels below investment grade, indicating a high risk of default on $500 million in loans.

The company had fully drawn down a bank credit line, Moody’s said, and tight liquidity meant NSO could breach a covenant on its debt, leading to a default.

Pegasus was revealed in July to have been used to target smartphones belonging to dozens of journalists, human rights activists, and politicians, according to an investigation by a consortium of newspapers.

“State-sponsored actors like the NSO Group spend millions of dollars on sophisticated surveillance technologies without effective accountability. That needs to change,” Craig Federighi, Apple’s senior vice-president of software engineering, said in a statement. “Apple devices are the most secure consumer hardware on the market—but private companies developing state-sponsored spyware have become even more dangerous.”

Apple’s complaint comes just weeks after the US Court of Appeals for the Ninth Circuit held that NSO and its parent company Q Cyber were not sovereign entities and therefore were not shielded from an earlier lawsuit brought by Facebook accusing NSO of targeting users of its WhatsApp messaging service.

In the complaint, Apple called NSO a group of “notorious” and “amoral” hackers that act as “mercenaries” creating cyber-surveillance machinery “that invites routine and flagrant abuse” for commercial gain.

The US company accused NSO of violating multiple federal and state laws “arising out of their egregious, deliberate, and concerted efforts in 2021 to target and attack Apple customers.”

Apple issued an emergency software update in September after a vulnerability from Pegasus was exposed by researchers at the University of Toronto’s Citizen Lab.

© 2021 The Financial Times Ltd. All rights reserved Not to be redistributed, copied, or modified in any way.

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Dow Jones Rises But S&P, Nasdaq Fall; Nvidia, SMCI Flash Sell Signals As Bitcoin's Fourth Halving Arrives – Investor's Business Daily

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[unable to retrieve full-text content]

  1. Dow Jones Rises But S&P, Nasdaq Fall; Nvidia, SMCI Flash Sell Signals As Bitcoin’s Fourth Halving Arrives  Investor’s Business Daily
  2. Iran fires at apparent Israeli attack drones: Mideast tensions  The Associated Press
  3. S&P 500 extends losing streak to sixth day, Dow up 210 points  Yahoo Canada Finance
  4. Stock Market Today: Dow, S&P Live Updates for April 19  Bloomberg
  5. Stock market today: Wall Street limps toward its longest weekly losing streak since September  CityNews Kitchener

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Netflix stock sinks on disappointing revenue forecast, move to scrap membership metrics – Yahoo Canada Finance

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Netflix (NFLX) stock slid as much as 9.6% Friday after the company gave a second quarter revenue forecast that missed estimates and announced it would stop reporting quarterly subscriber metrics closely watched by Wall Street.

On Thursday, Netflix guided to second quarter revenue of $9.49 billion, a miss compared to consensus estimates of $9.51 billion.

The company said it will stop reporting quarterly membership numbers starting next year, along with average revenue per member, or ARM.

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“As we’ve evolved our pricing and plans from a single to multiple tiers with different price points depending on the country, each incremental paid membership has a very different business impact,” the company said.

Netflix reported first quarter earnings that beat across the board on Thursday, with another 9 million-plus subscribers added in the quarter.

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Subscriber additions of 9.3 million beat expectations of 4.8 million and followed the 13 million net additions the streamer added in the fourth quarter. The company added 1.7 million paying users in Q1 2023.

Revenue beat Bloomberg consensus estimates of $9.27 billion to hit $9.37 billion in the quarter, an increase of 14.8% compared to the same period last year as the streamer leaned on revenue initiatives like its crackdown on password-sharing and ad-supported tier, in addition to the recent price hikes on certain subscription plans.

Netflix’s stock has been on a tear in recent months, with shares currently trading near the high end of its 52-week range. Wall Street analysts had warned that high expectations heading into the print could serve as an inherent risk to the stock price.

Earnings per share (EPS) beat estimates in the quarter, with the company reporting EPS of $5.28, well above consensus expectations of $4.52 and nearly double the $2.88 EPS figure it reported in the year-ago period. Netflix guided to second quarter EPS of $4.68, ahead of consensus calls for $4.54.

Profitability metrics also came in strong, with operating margins sitting at 28.1% for the first quarter compared to 21% in the same period last year.

The company previously guided to full-year 2024 operating margins of 24% after the metric grew to 21% from 18% in 2023. Netflix expects margins to tick down slightly in Q2 to 26.6%.

Free cash flow came in at $2.14 billion in the quarter, above consensus calls of $1.9 billion.

Meanwhile, ARM ticked up 1% year over year — matching the fourth quarter results. Wall Street analysts expect ARM to pick up later this year as both the ad-tier impact and price hike effects take hold.

On the ads front, ad-tier memberships increased 65% quarter over quarter after rising nearly 70% sequentially in Q3 2023 and Q4 2023. The ads plan now accounts for over 40% of all Netflix sign-ups in the markets it’s offered in.

FILE PHOTO: Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File PhotoFILE PHOTO: Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File Photo

Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File Photo (REUTERS / Reuters)

Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com.

For the latest earnings reports and analysis, earnings whispers and expectations, and company earnings news, click here

Read the latest financial and business news from Yahoo Finance

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Oil Prices Erase Gains as Iran Downplays Reports of Israeli Missile Attack – OilPrice.com

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Oil Prices Erase Gains as Iran Downplays Reports of Israeli Missile Attack | OilPrice.com



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Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

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  • Oil prices initially spiked on Friday due to unconfirmed reports of an Israeli missile strike on Iran.
  • Prices briefly reached above $90 per barrel before falling back as Iran denied the attack.
  • Iranian media reported activating their air defense systems, not an Israeli strike.

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Oil prices gave up nearly all of early Friday’s gains after an Iranian official told Reuters that there hadn’t been a missile attack against Iran.

Oil surged by as much as $3 per barrel in Asian trade early on Friday after a U.S. official told ABC News today that Israel launched missile strikes against Iran in the early morning hours today. After briefly spiking to above $90 per barrel early on Friday in Asian trade, Brent fell back to $87.10 per barrel in the morning in Europe.

The news was later confirmed by Iranian media, which said the country’s air defense system took down three drones over the city of Isfahan, according to Al Jazeera. Flights to three cities including Tehran and Isfahan were suspended, Iranian media also reported.

Israel’s retaliation for Iran’s missile strikes last week was seen by most as a guarantee of escalation of the Middle East conflict since Iran had warned Tel Aviv that if it retaliates, so will Tehran in its turn and that retaliation would be on a greater scale than the missile strikes from last week. These developments were naturally seen as strongly bullish for oil prices.

However, hours after unconfirmed reports of an Israeli attack first emerged, Reuters quoted an Iranian official as saying that there was no missile strike carried out against Iran. The explosions that were heard in the large Iranian city of Isfahan were the result of the activation of the air defense systems of Iran, the official told Reuters.

Overall, Iran appears to downplay the event, with most official comments and news reports not mentioning Israel, Reuters notes.

The International Atomic Energy Agency (IAEA) said that “there is no damage to Iran’s nuclear sites,” confirming Iranian reports on the matter.

The Isfahan province is home to Iran’s nuclear site for uranium enrichment.

“Brent briefly soared back above $90 before reversing lower after Iranian media downplayed a retaliatory strike by Israel,” Saxo Bank said in a Friday note.

The $5 a barrel trading range in oil prices over the past week has been driven by traders attempting to “quantify the level of risk premium needed to reflect heightened tensions but with no impact on supply,” the bank said, adding “Expect prices to bid ahead of the weekend.”

At the time of writing Brent was trading at $87.34 and WTI at $83.14.

By Tsvetana Paraskova for Oilprice.com

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